Freda is president and chief executive of the Estée Lauder companies, and Einhorn has previously worked at the World Bank for 20 years, concluding her time there as managing director.

Laurence Fink, BlackRock chairman and CEO, said in a statement that Freda will bring “valuable insights on running a large company with diverse worldwide operations and powerful consumer brands”. Meanwhile, Einhorn will add to the board’s experience with her expertise in international finance, economic development and public policy, Fink said.

Einhorn’s former roles also include positions at the US Treasury, the US State Department and the International Development Cooperation Agency of the US. She has also been a director of Time Warner, and also serves as a director of the Peterson Institute for International Economics and the National Bureau of Economic Research.

At the end of June, BlackRock's assets under management totalled $3.56 trillion.